Church Alleges JP Morgan Chase Mismanaged Trusts
Christ Church Cathedral Dean Stephen Carlsen and Attorney Linda Pence (WIBC.com photo: Mike Corbin)
A historic downtown Indianapolis church has filed a multimillion dollar, federal lawsuit against JP Morgan Chase.
Christ Church Cathedral alleges the banking giant mismanaged church trusts to the tune of $13 million. They also say JP Morgan Chase used church funds deemed by philanthropist Eli Lilly to buy investments from itself on behalf of the church. Church attorney Linda Pence says mismanagement happened over a 10-year period and involved two church funds.
Church Dean Stephen Carlsen says the activity has led to church budget tightening and layoffs. Carlsen says the lawsuit filed Wednesday is a last ditch attempt at resolution. Pence wouldn't comment on whether they attempted a pre-lawsuit settlement.
However, she says Chase has about 20 days to respond to the suit. Pence adds this is not a case of investors losing money. She says the case is about financial mismanagement of assets. Calls to JP Morgan Chase Corporate Communications have gone unreturned.